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v3.23.2

Securities | 6 Months Ended
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Jun. 30, 2023
Securities |
Securities | NOTE 6. Securities This table provides the major components of debt securities available for sale ("AFS") and held to maturity (“HTM”) at amortized cost and estimated fair value at June 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Estimated | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Estimated
(In thousands) | ​ | cost | ​ | gains | ​ | losses | ​ | fair value | ​ | cost | ​ | gains | ​ | losses | ​ | fair value
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities | ​ | $ | 16,978 | ​ | $ | — | ​ | $ | (730) | ​ | $ | 16,248 | ​ | $ | 16,961 | ​ | $ | — | ​ | $ | (656) | ​ | $ | 16,305
State and political subdivisions | ​ |  | 631 | ​ |  | — | ​ |  | (45) | ​ |  | 586 | ​ |  | 635 | ​ |  | — | ​ |  | (22) | ​ |  | 613
Residential mortgage-backed securities | ​ |  | 16,270 | ​ |  | 29 | ​ |  | (1,623) | ​ |  | 14,676 | ​ |  | 17,097 | ​ |  | 32 | ​ |  | (1,654) | ​ |  | 15,475
Corporate and other securities | ​ |  | 65,206 | ​ |  | 212 | ​ |  | (3,962) | ​ |  | 61,456 | ​ |  | 66,495 | ​ |  | 106 | ​ |  | (3,601) | ​ |  | 63,000
Total debt securities available for sale | ​ | $ | 99,085 | ​ | $ | 241 | ​ | $ | (6,360) | ​ | $ | 92,966 | ​ | $ | 101,188 | ​ | $ | 138 | ​ | $ | (5,933) | ​ | $ | 95,393
Held to maturity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. Government sponsored entities | ​ | $ | 28,000 | ​ | $ | — | ​ | $ | (4,614) | ​ | $ | 23,386 | ​ | $ | 28,000 | ​ | $ | — | ​ | $ | (5,310) | ​ | $ | 22,690
State and political subdivisions | ​ |  | 1,143 | ​ |  | 55 | ​ |  | — | ​ |  | 1,198 | ​ |  | 1,115 | ​ |  | 67 | ​ |  | — | ​ |  | 1,182
Residential mortgage-backed securities | ​ |  | 6,747 | ​ |  | — | ​ |  | (2,067) | ​ |  | 4,680 | ​ |  | 6,645 | ​ |  | — | ​ |  | (1,939) | ​ |  | 4,706
Total securities held to maturity | ​ | $ | 35,890 | ​ | $ | 55 | ​ | $ | (6,681) | ​ | $ | 29,264 | ​ | $ | 35,760 | ​ | $ | 67 | ​ | $ | (7,249) | ​ | $ | 28,578
​ This table provides the remaining contractual maturities within the investment portfolios. The carrying value of securities at June 30, 2023 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | After one through | ​ | ​ | After five through | ​ | ​ | ​ | ​ | ​ | Total carrying | ​
​ | ​ | ​ | Within one year | ​ | ​ | five years | ​ | ​ | ten years | ​ | ​ | After ten years | ​ | ​ | value | ​
(In thousands) |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Available for sale at fair value: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Government sponsored entities | ​ | $ | 1,949 |  | $ | 14,299 |  | $ | — |  | $ | — |  | $ | 16,248 |
State and political subdivisions | ​ | ​ | 200 |  | ​ | 160 |  | ​ | — |  | ​ | 226 |  | ​ | 586 |
Residential mortgage-backed securities | ​ |  | — |  |  | 513 |  |  | 765 |  |  | 13,398 |  |  | 14,676 |
Corporate and other securities | ​ |  | — |  |  | 13,079 |  |  | 11,583 |  |  | 36,794 |  |  | 61,456 |
Total debt securities available for sale | ​ | $ | 2,149 |  | $ | 28,051 |  | $ | 12,348 |  | $ | 50,418 |  | $ | 92,966 |
Held to maturity at cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government sponsored entities | ​ | $ | — |  | $ | — |  | $ | 3,000 |  | $ | 25,000 |  | $ | 28,000 |
State and political subdivisions | ​ | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 1,143 |  | ​ | 1,143 |
Residential mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,747 | ​ | ​ | 6,747 | ​
Total securities held to maturity | ​ | $ | — |  | $ | — |  | $ | 3,000 |  | $ | 32,890 |  | $ | 35,890 |
​ The fair value of debt securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2023 and December 31, 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | June 30, 2023
​ | ​ | ​ | Less than 12 months | ​ | 12 months and greater | ​ | Total
​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
(In thousands) | ​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
Available for sale: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | 339 | ​ | $ | (5) | ​ | $ | 15,909 | ​ | $ | (725) | ​ | $ | 16,248 | ​ | $ | (730)
State and political subdivisions |  | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 386 | ​ | ​ | (45) | ​ | ​ | 386 | ​ | ​ | (45)
Residential mortgage-backed securities |  | ​ | ​ | 4,628 | ​ | ​ | (221) | ​ | ​ | 9,990 | ​ | ​ | (1,402) | ​ | ​ | 14,618 | ​ | ​ | (1,623)
Corporate and other securities |  | ​ | ​ | 7,686 | ​ | ​ | (434) | ​ | ​ | 52,027 | ​ | ​ | (3,528) | ​ | ​ | 59,713 | ​ | ​ | (3,962)
Total | ​ | ​ | $ | 12,653 | ​ | $ | (660) | ​ | $ | 78,312 | ​ | $ | (5,700) | ​ | $ | 90,965 | ​ | $ | (6,360)
Held to maturity: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 23,386 | ​ | $ | (4,614) | ​ | $ | 23,386 | ​ | $ | (4,614)
Residential mortgage-backed securities | ​ | ​ | ​ | — | ​ | $ | — | ​ | ​ | 4,680 | ​ | ​ | (2,067) | ​ | ​ | 4,680 | ​ | ​ | (2,067)
Total |  | ​ | $ | — | ​ | $ | — | ​ | $ | 28,066 | ​ | $ | (6,681) | ​ | $ | 28,066 | ​ | $ | (6,681)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, 2022
​ | ​ | ​ | Less than 12 months | ​ | 12 months and greater | ​ | Total
​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
(In thousands) | ​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
Available for sale: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | 15,817 | ​ | $ | (622) | ​ | $ | 1,432 | ​ | $ | (34) | ​ | $ | 17,249 | ​ | $ | (656)
State and political subdivisions |  | ​ | ​ | 160 | ​ | ​ | (5) | ​ | ​ | 253 | ​ | ​ | (17) | ​ | ​ | 413 | ​ | ​ | (22)
Residential mortgage-backed securities |  | ​ |  | 14,023 | ​ | ​ | (1,448) | ​ | ​ | 1,311 | ​ | ​ | (206) | ​ | ​ | 15,334 | ​ | ​ | (1,654)
Corporate and other securities |  | ​ | ​ | 23,445 | ​ |  | (966) | ​ |  | 31,948 | ​ |  | (2,635) | ​ |  | 55,393 | ​ |  | (3,601)
Total temporarily impaired AFS securities |  | ​ | $ | 53,445 | ​ | $ | (3,041) | ​ | $ | 34,944 | ​ | $ | (2,892) | ​ | $ | 88,389 | ​ | $ | (5,933)
Held to maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
U.S. Government sponsored entities |  | ​ | $ | 15,659 | ​ | $ | (2,341) | ​ | $ | 7,031 | ​ | $ | (2,969) | ​ | $ | 22,690 | ​ | $ | (5,310)
Residential mortgage-backed securities |  | ​ |  | 4,707 | ​ |  | (1,939) | ​ |  | — | ​ |  | — | ​ |  | 4,707 | ​ |  | (1,939)
Total temporarily impaired HTM securities |  | ​ | $ | 20,366 | ​ | $ | (4,280) | ​ | $ | 7,031 | ​ | $ | (2,969) | ​ | $ | 27,397 | ​ | $ | (7,249)
​ Unrealized losses in each of the categories presented in the tables above were primarily driven by market interest rate fluctuations. Residential mortgage-backed securities are guaranteed by either Ginnie Mae, Freddie Mac or Fannie Mae. Allowance for Credit Losses The Company has zero-loss expectation for certain securities within the held to maturity and available for sale portfolios, and therefore is not required to estimate an allowance for credit losses related to these securities under the CECL standard. The Company does not provide credit quality indicators for held to maturity securities that have zero-loss expectation. After an evaluation of various factors, the following security types are believed to qualify for this exclusion: U.S Government sponsored entities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae or Freddie Mac. ​ Management recognized no impairment for held to maturity debt securities during the three and six months ended June 30, 2023 and 2022. There was no allowance for credit losses for held to maturity debt securities at June 30, 2023 and 2022. ​ Available for sale debt securities in unrealized loss positions are evaluated for impairment on a quarterly basis. The Company has evaluated available for sale securities that are in an unrealized loss position and has determined that the declines in fair value are attributable to market volatility, not credit quality or other factors. Management recognized no impairment during the three and six months ended June 30, 2023 and 2022. There was no allowance for credit losses for available for sale debt securities at June 30, 2023 and 2022. ​ Realized Gains and Losses on Debt Securities Net realized gains are included in noninterest income in the Consolidated Statements of Income as net security gains. There were no realized gains or losses on available for sale securities during the three and six months ended June 30, 2023 and June 30, 2022. There was no gross realized gain or loss for held for maturity debt securities during the three and six months ended June 30, 2023 and 2022. Equity Securities Included in this category are Community Reinvestment Act ("CRA") investments and the Company’s current other equity holdings of financial institutions. Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interests in entities at fixed or determinable prices. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, | ​ | For the six months ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net unrealized losses occurring during the period on equity securities | ​ | $ | (164) | ​ | $ | (498) | ​ | $ | (709) | ​ | $ | (1,055)
Net realized gains recognized during the period on equity securities sold during the period | ​ |  | — | ​ |  | — | ​ |  | 222 | ​ |  | —
Net losses recognized during the reporting period on equity securities | ​ | $ | (164) | ​ | $ | (498) | ​ | $ | (487) | ​ | $ | (1,055)
​ ​

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